Elon Musk Calls Himself the "Godfather" on Saturday Night Live

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Elon Musk’s long-anticipated appearance on Saturday Night Live (SNL) didn’t just deliver laughs—it sent shockwaves through the cryptocurrency world. Dubbing himself the “godfather” of Dogecoin during the show, Musk once again proved his unparalleled influence over digital assets. As Dogecoin’s price surged in the lead-up to the broadcast, investors worldwide tuned in, eager to see how the billionaire innovator would shape the narrative around one of the most meme-driven cryptocurrencies in existence.

This moment wasn’t just entertainment; it was a cultural and financial event that highlighted the growing intersection between pop culture and decentralized finance. With Musk at the center, the lines between satire, technology, and market movement blurred like never before.

How Elon Musk Propelled Dogecoin to New Heights

Originally created in 2013 as a lighthearted parody of Bitcoin, Dogecoin was never meant to become a serious financial instrument. Yet, thanks largely to Elon Musk’s repeated endorsements, it has evolved into a legitimate—if volatile—digital asset. In 2021 alone, Dogecoin skyrocketed by over 13,000%, reaching a market capitalization of approximately $8 billion.

Musk, ranked as the second-richest person in the world with a net worth exceeding $180 billion, has used his massive social media platform to champion Dogecoin. His tweets—often playful or cryptic—have repeatedly triggered sharp price movements. From calling it “the people’s crypto” to suggesting Tesla might accept it for payments, Musk’s words carry significant weight in the crypto ecosystem.

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Is Dogecoin Elon Musk’s Favorite Cryptocurrency After Bitcoin?

While Bitcoin remains the dominant player in the crypto space, Musk’s fascination with alternative coins is undeniable. In early 2021, Tesla made headlines by investing $1.5 billion in Bitcoin and announcing plans to accept it as payment for vehicles—a move that briefly boosted Bitcoin’s legitimacy in mainstream commerce.

However, Musk’s relationship with Bitcoin has been complex. After initially supporting it, he later cited environmental concerns over its energy consumption, leading Tesla to suspend Bitcoin payments. This shift opened the door for other cryptocurrencies—especially those perceived as more sustainable or community-driven—to gain traction.

Enter Dogecoin.

Despite its meme origins, Dogecoin captured Musk’s imagination—and by extension, the public’s attention. He even joked about gifting Dogecoin to his mother for Mother’s Day. When his mother, Maye Musk, humorously responded on Twitter that she’d prefer “Tesla and SpaceX” instead, it only fueled more conversation around the coin.

This playful exchange underscored a broader trend: cryptocurrency is no longer just about technology or investment—it's about culture, identity, and influence.

Elon Musk Takes Center Stage on Saturday Night Live

Musk’s SNL appearance was historic not only because he became the first sitting CEO of a major tech company to host the show but also because of how openly he discussed cryptocurrency on a mainstream stage.

Portraying a financial advisor named Lloyd Ostertag, Musk joined Weekend Update anchors Colin Jost and Michael Che in a skit that cleverly satirized both financial jargon and crypto hype. When Che asked what Dogecoin actually was, Musk delivered a series of increasingly technical explanations before simplifying it:

“It’s a cryptocurrency, which is basically just an electronic form of money you can use to buy things.”

Che replied dryly: “Oh, so it’s busy.”
To which Musk chuckled: “Yeah… very busy!”

The segment was laced with self-aware humor. Musk acknowledged Dogecoin’s absurd origins while still defending its potential utility. By calling himself the “godfather” of Dogecoin—a nod to both his influence and the coin’s cult-like following—he framed himself not just as an investor, but as a cultural architect of the digital economy.

The Price Plunge Before the Spotlight

Anticipation for Musk’s SNL appearance drove Dogecoin’s price up nearly 73% in a single day. Traders expected another bullish push following his on-air comments. But markets often react unpredictably.

Just hours before the show aired, Dogecoin began a steep decline—plunging over 35% in value. Analysts attributed this to “sell-the-news” behavior, where investors cash out after driving up prices ahead of a major event.

For many retail investors, especially those who had bought in during earlier pumps, the drop was disheartening. It served as a stark reminder of the volatility inherent in meme-based cryptocurrencies and the risks of relying too heavily on celebrity endorsement.

Yet, despite the crash, Dogecoin retained far more value than it had just months prior—a testament to the lasting impact of sustained attention from figures like Musk.

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Why Does Elon Musk Love Dogecoin?

Several factors explain Musk’s ongoing support:

Frequently Asked Questions (FAQ)

Q: Did Elon Musk create Dogecoin?
A: No. Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer as a satirical take on cryptocurrency hype. Elon Musk began promoting it years later.

Q: Can I buy things with Dogecoin?
A: Yes—some companies, including SpaceX (announced by Musk), have accepted Dogecoin for merchandise. However, widespread adoption remains limited compared to Bitcoin or Ethereum.

Q: Why did Dogecoin crash after SNL?
A: The drop followed a classic “buy the rumor, sell the news” pattern. Many investors sold their holdings immediately after Musk appeared on SNL, causing a sudden supply surge.

Q: Is Dogecoin a good long-term investment?
A: It depends on risk tolerance. While it has strong community support and high-profile backing, it lacks many technical innovations found in newer blockchains. Most experts advise treating it as speculative rather than foundational.

Q: What does “Elon Musk crypto” refer to?
A: This phrase commonly refers to Dogecoin due to Musk’s frequent mentions. He has also shown interest in Bitcoin and Litecoin but is most associated with Dogecoin.

Q: Will Dogecoin ever reach $1?
A: Possible—but not guaranteed. Reaching $1 would require a market cap exceeding $140 billion, which would demand massive adoption or sustained speculation.

The Bigger Picture: Pop Culture Meets Decentralized Finance

Musk’s SNL moment symbolizes a turning point: when cryptocurrency stepped out of niche forums and into living rooms across America. His ability to move markets with a single tweet—or sketch—highlights both the power and fragility of modern digital finance.

As blockchain technology evolves, so too will its relationship with mainstream media. And as long as influencers like Elon Musk remain engaged, assets like Dogecoin will continue to blur the line between joke and juggernaut.

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Whether you're an investor, enthusiast, or skeptic, one thing is clear: in today’s digital economy, culture and code are inextricably linked—and Elon Musk sits firmly at their intersection.